We are proud to have been invited to attend the Focus Group on Brexit organised by the Foreign & Commonwealth Office (FCO).
The FCO is collating comments and information from a selection of British residents and businesses in Spain to incorporate into the forthcoming Brexit negotiations. MLS will be stressing that British owners of Spanish property should be treated the same as Spanish residents after Brexit.
The European Court of Justice has in the past slapped the Spanish Government’s wrists for treating non-Spanish tax residents differently when it comes to inheritance tax and capital gains tax. It is important that this is not allowed to happen after Brexit.
Also at the moment, British passport holders writing a Spanish will for their Spanish assets can choose the laws of England & Wales to apply to the distribution of their Spanish estate as a result of European Regulation 650. The laws of England & Wales allow a British passport holder to leave their assets to whoever they wish whereas under Spanish law, two thirds of the assets have to be left to the children and only a third can be freely disposed.
It is important that British passport holders continue to enjoy free disposition of their Spanish assets.